Diversity, Equity, Inclusion & Belonging: What is DEIB & Why is it Important?
On this episode of Financially Naked: Stories from The Financial Gym, our host is Rachel Adaline, HR Manager at The Financial Gym, and joining her is Sara W, Level 2 Certified Financial Trainer. Like other companies, The Financial Gym has a Diversity, Equity, Inclusion, & Belonging (DEIB) Program. As a way to share that internal program with the community, the last episode of each month on the show is dedicated to a financial topic with a DEIB twist.
Today, we are focusing on DEIB as a concept. Many of the best-performing companies out there have DEIB strategies, so today, we’re asking, ‘What is DEIB?’ and ‘Why is it important?’ We then discuss what we do at The Financial Gym to ensure everyone feels a sense of purpose and belonging with our company.
Podcast Notes
The employees' experience at any company is created from the top down. Shannon is a strong advocate for DEIB within The Financial Gym.
The goal is to foster belonging among all backgrounds and that people feel seen, heard, and appreciated for their contributions.
Last year, they held an Exercising Empathy series. The goal was to expand the knowledge of our Financial Trainers, so they can be prepared to serve a diverse client base.
Personal finance is incredibly personal, and every client and Trainer comes from a different background. There's lots of generic personal finance advice, but it's important to consider the human and systematic elements at play for each individual.
This is why The Financial Gym exists. We don't have a magic wand to fix all the problems our clients face or that plague society, but we can meet you where you are and help you navigate the waters.
Here are some topics and questions covered in the Exercising Empathy series.
How can we address the Various Wealth Gaps?
Bevin recently spoke on this show and presented during the series about The Racial Wealth Gap. Listen to that if you haven’t yet.
The Trainers at The Financial Gym see this play out in reality for their clients.
There are resources from folks working to close this gap, which Bevin mentioned in her podcast episode.
In addition to the Racial Wealth Gap, there are other pay gaps to address.
Jen Dane, who spoke on Martinis and Your Money, gave a presentation about benefits for former military members. Benefits from things like healthcare to education to burial costs.
It’s the Trainer’s job to be able to provide the best resources possible for their clients.
How Can We Help Parents, Families, and other Couples?
Childcare is a huge expense for a lot of families. It can sometimes cost more than the rent, depending on where you live. It can feel overwhelming, but understand that it is only for a period of time.
A time will come when your children can go to public school. Depending on where you live, there may be programs for kids younger than public school age.
A child with special needs can add more complexities regarding finances and finding overall quality care. It can make things more nuanced.
First-generation Americans may have different family obligations than other folks. For folks who are immigrants, there are lawyer costs and visa fees.
Folks in the LGBTQ+ community have their own unique challenges when it comes to finances.
We have team members with various backgrounds and experiences and try to continue education through our DEIB programs to ensure we can serve all the humans who come through the door.
What are some other areas of DEIB focus?
Finding healthcare in America is a tough challenge. Medical debt is one of the leading causes of bankruptcy. Insurance is important.
This also means it can be challenging for people to access mental health care.
Taking care of your mental health is essential because it directly impacts your finances. Therapy can be expensive, but there are options out there. Finding the support you need is essential.
If you are lower income, take advantage of all the available programs. This can include SNAP, free school lunches, and financial aid for school.
There are no quick fixes for significant systematic issues. Focus on what you can control and stay open to learning about the challenges others face.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
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